View on market: Volatility Prevails, Market is searching for better value
Most stocks in the Asia-Pacific region were trading higher on Friday after a mixed session in the US ahead of this key jobs data. The Nikkei 225 was 17 points or 0.05% up at 38,730, and the KOSPI was 19 points, or 0.68% higher at 2,070 as of 06:40 a.m. US stocks and bonds passed their rally and ended mixed ahead of the key US jobs reading that will help shape the outlook for the Federal Reserve’s next steps. The S&P 500 fell 0.02% and the Nasdaq Composite declined 0.09% as of Thursday. The Dow Jones Industrial Average advanced by 0.20%. Brent crude was trading 0.26% higher at $80.08 a barrel. Gold fell 0.05% to $2,374.92 an ounce. The GIFT Nifty was trading 28.5 points, or 0.12% lower at 22,919.5 as of 06:43 a.m.
Economic Calendar:
- USD : Nonfarm Payrolls (May) on 07th June, 2024
- USD: Unemployment Rate (May) on 07th June, 2024
- INR: Interest Rate Decision on 07th June, 2024
- INR: FX Reserves, USD on 07th June, 2024
Brokerage Radar:
JEFFERIES ON HINDALCO: Buy, TP raised to Rs 810; Novelis’ 4Q EBITDA rose 28% YoY(+13% QoQ) & inline; Vol grew 2% YoY while EBITDA/t rose 8% QoQ to $540, Raise FY25-26E EPS by 2-3%; Vals reasonable at 6.1x FY25E EV/EBITDA
CITI ON MARICO: Buy, TP raised to Rs 610; 4Q In-line; Pricing Action to Drive Growth Expect trajectory to improve in FY25E:
a)vol growth acceleration
b)pricing-led growth
NOMURA ON LUPIN: Buy, TP Rs 1949; 4Q: EBITDA 8% higher than est. Co expects stronger FY25 (vs FY24) driven by growth across key geographies & improvement in EBITDA margins; Think US product launches & a tight leash on costs could present upside potential to current earnings est.
International Markets:
U.S & Europe:
Particulars | 06th June | Chg. | Chg.(%) |
Nasdaq | 17173.12 | -14.78 | -0.09 |
Dow | 38886.17 | 78.84 | 0.20 |
FTSE | 8285.34 | 38.39 | 0.46 |
CAC | 8040.12 | 33.55 | 0.42 |
DAX | 18652.67 | 76.73 | 0.41 |
Dow Fut.* | 38921.70 | 35.53 | 0.09 |
Asian markets:
Particulars | 07th June | Chg. | Chg.(%) |
GIFT Nifty | 22920.50 | 2.50 | 0.01 |
Nikkei | 38661.04 | -42.47 | -0.11 |
Straits Times | 3342.14 | 11.33 | 0.34 |
Hang Seng | 18370.57 | -106.23 | -0.57 |
Shanghai | 3039.21 | -9.58 | -0.31 |
ADR Watch:
Particulars | 06th June | Chg. | Chg.(%) |
Dr. Reddy | 70.35 | 0.82 | 1.18 |
HDFC Bank | 59.08 | 0.65 | 1.11 |
ICICI Bank | 26.47 | -0.20 | -0.75 |
Infosys | 17.54 | 0.39 | 2.24 |
Wipro | 5.48 | 0.15 | 2.81 |
Commodities & Currency:
Particulars | Current Price | Chg.(%) |
USD/INR | 83.47 | 0.01 |
Brent | 79.92 | 0.06 |
Gold | 2396.20 | 0.22 |
Silver | 31.32 | -0.15 |
FIIs & DIIs:
Particulars | 06th June | 05th June |
FIIs | -6867.72 | -5656.26 |
DIIs | 3718.38 | 4555.08 |
News Update:
ICICI Bank: SEBI has issued an administrative warning to the bank regarding the outreach by bank employees to influence votes for delisting equity shares of ICICI Securities.
Hero MotoCorp: India’s largest two-wheeler maker picked up an additional 2.2% stake in the Bengaluru-based electric mobility startup Ather Energy for Rs 125 crore.
Wipro: The company has been awarded a $500 million deal by a leading US communication service. The contract value is around Rs 4,175 crore.
Rail Vikas Nigam: The company received a letter of acceptance from NTPC for a project worth Rs 495 crore.
Hindustan Unilever: The company appointed Arun Neelakantan as Executive Director, effective July 1.
Mastek: The company introduced the icxPro platform with NVIDIA AI. icxPro is a cloud-native platform designed for building scalable AI apps.
Bajaj Finserv: The board of Bajaj Housing Finance has approved an IPO of Rs 4,000 crore.
PB Fintech: SEBI issues show cause notice to CEO Yashish Dahiya and it sent a notice over the investment of $2 million by the Dubai unit for a 26.7% stake in YKNP Marketing Management. The company is seeking legal advice on the SEBI notice.
Tata Steel: NCLT approved the Scheme of Amalgamation of Bhubaneshwar Power with the company.
Alkem Laboratories: The company will make an investment of Rs 30 crore in compulsorily convertible preference shares of HaystackAnalytics.
Rites: The company has received an order from Tata Steel for Loco Hiring, along with operation and maintenance.
Tata Chemicals: The UK Court orders Tata Chemicals Europe to pay a GBP 1.1 million fine. The order relates to a safety incident that occurred in 2016.
Dixon Technologies: The company signed a term sheet with HKC Corp. for a prospective joint venture.
Muthoot Microfin: The company entered into a co-lending agreement with SBI to empower women entrepreneurs.
Source: Moneycontrol, Bloomberg Quint, Investing
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